Financial scams are becoming all too common, and the scammers are getting savvier.
With many of us receiving dozens of emails and messages per day, sometimes a digital attack can slip through the cracks.
What happened?
A resident of Wales was tricked into entering one of their passwords on a fake website, resulting in them losing £2.1 million in bitcoin after a "sophisticated scam," according to the BBC.
The scammers posed as a senior U.K. officer and convinced the victim with a lie about a personal security breach. However, in reality, the scammers may have identified and targeted the victim as a result of a genuine data breach, the police said.
Officials told the BBC that it was "a highly targeted and advanced scam," that exploited "fear" and "urgency" in the victim to convince them to act quickly.
Why is it concerning?
Because crypto is all digital, it's a popular target for scammers. People may be less confident managing their crypto assets than their traditional financials because it's a newer currency, which makes it easier to be tricked.
But it's important that these scams don't get out of hand, because crypto is only growing in popularity.
It's already using massive amounts of energy for operation, and with usage expected to increase, this is an issue that needs addressing for the sake of the environment.
However, crypto is also frequently powered by clean energy projects and can finance their development.
What can I do to help?
Law enforcement, banks, and other officials often remind the public to stay vigilant on financial scams. Crypto is particularly complicated, and this case "serves as a reminder that scammers are constantly evolving their tactics," per the BBC.
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Absolutely 👍 Stay aware and never give up your information online or over the phone. If you're skeptical that an email or phone call from your bank may not be real, trust your gut and double-check.
You can always call your bank directly to confirm any recent communication. Scammers also leverage urgency in their lies, so their targets don't have time to think rationally. Be wary of any messages inciting this type of fear with a deadline for action.
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